Building Momentum for Market Entry
A big part of Momentum – The Business Growth Agency’s services revolve around looking at your current membership and sponsorship spending and working with you and your organizations to get more return on that investment.
We use your current relationships, our knowledge of business associations and how they work and your strategy to optimize that spend, and get you results.
But what if you don’t have existing relationships, as might be the case when entering a new market? That is where Momentum can take your market entry to the next level, and get your face and your message in front of your target audience much more expediently.
First, we believe that any market entry is going to require you to “get involved” – particularly if it’s a sales market.
Your salespeople are going to need connections and opportunities to get in front of people. So, you’re going to be joining chambers of commerce and other business associations, just as a natural part of doing business in a new market.
But, as you have probably learned over time, there are many such organizations in every metropolitan area in the country. Chambers of commerce, manufacturing organizations, sales leadership groups, trade associations…
How do you choose to make sure your money – and, probably more importantly, your time – are well-spent? Here are some tips:
(1) Choose the right organization(s)
Just because you sit on the board of directors for the regional chamber of commerce in your hometown, it doesn’t mean that the complementary organization is going to be the right one for growing your business in the new market. It’s critical that you do your research: What is the organization’s focus? Does the group’s membership encompass your target prospects? Have your competitors in the market saturated the membership? We’ve often had faster success with our clients going to the fastest-growing organization in a market rather than trying to wedge into the “Old Boys” network at the big association.
(2) Come with the right introduction
Too many companies are complacent about their business association memberships – both at home and in new markets. Especially in a new market, you need to come in with a bang. You (with your salesperson) want to meet with the highest-ranking person in the organization, fill them in on your strategy, and get a good representation of what you’re buying for the next twelve months.
(3) Demonstrate that you bring value, as well
In addition to advising them of your needs, it’s also important to present to them why your coming to town will create benefit for them and their members. Short of dropping a $50K check on them, which is usually reserved for the banks and health insurance companies, this is the fastest way to ingratiate your company to them. Providing value for a diverse array of members 365 days a year is an enormous responsibility. Any content you can provide to make their lives a little easier will strengthen the relationship. Take advantage of the complacency that you might’ve had in your own market – and create opportunities that your competitors are missing.
At Momentum, this is what we do.
We’ve been doing it for ourselves and for our clients for some time – to the point that in many markets, when the organizations need to connect with our clients, they go through us.
Between the research needed, the implementation of your strategy, management of the relationship and the day-to-day back-up for your sales team in the market, think of the time savings.
Most importantly, it works.
Working with our clients, we have existing relationships in markets up and down the east coast, and through our own business outreach, across the country.
Those relationships have yielded speaking opportunities, social media reposts, board memberships, newsletter features, personal introductions and, most importantly, new business.
In one instance, the organization actually helped us get Cleveland Indians hats printed with our client’s logo on the side for their grand opening event. What are you looking to accomplish in your new market?
If you’re getting ready to expand to new regions, or if you’re already started somewhere and having difficulty getting traction, give us fifteen minutes to walk you through what we can do to help you implement your strategy, and build Momentum, in your new markets. You can choose a time here .